For this week’s SubNet Real Estate-tionary, we are going to talk about the different professionals we deal with in the real estate industry.
Real Estate Agent
Merriam-Webster defines a real estate agent as “a person in the business of selling land and buildings”. When you look closely, this is a very general term because a real estate agent could be the salesperson, the broker, or just anyone involved in selling real estate.
But if in case you are referring to the people you first have a real estate encounter with, they are better called as the real estate sales agents or the salespersons. These people usually work for brokers on a contract basis. They also receive a portion of the commission from each real estate property they sell. They do not have any license like the brokers. Oftentimes, they just undergo trainings and they’re good to go.
Real Estate Broker
The real estate broker, on the other hand, is a person licensed to negotiate and transact the sale of a real estate property. Sales agents cannot work without a broker, but a broker can work independently from a sales agent. When it comes to the commission, brokers naturally receive a much bigger share than the sales agents.
Real Estate Consultant
Like the broker, the real estate consultants are registered and licensed. They often provide professional advice, market studies, investment analysis, and any valuable insights you may need about the industry. In other words, these professionals are your go-to persons in real estate.
Real Estate Appraiser
The appraiser refers to the person who can estimate and calculate the value of a real estate property. He is on a par with the real estate assessor in terms of the role, but his work is mainly for commercial purposes.
Real Estate Assessor
A real estate assessor is a licensed professional who works for local government units. He may have the same role as the appraiser but his objective differs. Unlike the appraiser, the real estate assessor determines the value of a real estate property for tax purposes.
Realtor
Simply put, the realtor is a member of the National Association of REALTORS®. They can be a real estate agent, broker, consultant, among many other titles in the real estate industry.
So there you go. We hope you can get yourself familiarized with these real estate professionals and their respective roles. If you have further inquiries about our topic or our company, please do not hesitate to get in touch.
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